Becoming an effective entrepreneur doesn't happen by accident or by chance. It really is an extended process that involves various strategies, characteristics and quality of one who wants to become a successful businessman. Madan Paliwal who's a successful businessperson in his express, says "Learning to be a successful entrepreneur is not an easy task! There are specific features and strategies that are absolutely necessary if you would like to become successful in your business ventures". Madan Paliwal's example implies that how some characteristics, qualities and strategies support to becoming a successful business owner. He strongly thinks in "quality somewhat than quantities". According to Sharma (2009), "It is essential to check out some approaches for the development and highly development of business". A business owner organizes different kinds of industries from inception has different methods and demand an in-depth knowledge foundation. The value is the businessman starts and performs his own new business.
characteristic of An Entrepreneur
Kant (2000), "All the business owner were men of self-discipline, high integrity and with strong need for success". In India Mr. Madan Paliwal CMD of Miraj Group of Industries has next characteristics and features which is important:
Initiative: Mr. Madan Paliwal used resources and arrange for his business. He started out his business with Rs. 200 (3) capital. Now Miraj Band of Companies capital combination Rs. 1000 Crore (15000000). The next companies in Miraj Group of Companies:
Miraj Products Pvt. Ltd. , Miraj multicolor, Miraj tube & fixtures, Miraj Hotels, Miraj Anatomist, Eye view movies, Miraj creators, Miraj realcon, Asia packs. (Group account of miraj group) Miraj group's consumer products are cigarette, tea, soap, suits, plastic, stationary, pipes etc.
Therefore we can say the entrepreneur should be initiative to utilize the available resources and plan for those who are involved in an business.
Goal: A business owner should be able to set sensible but challenging goals for himself as well as for others in the organization. During starting Madan Paliwal got clear goal and he has achieved maximum goal.
Involvement for long time: Madan Paliwal started his business on 18th August 1987. He persists involve in his business. Hence commitment from the business owner for longer period may be 5 to 15 years is necessary for conceptualization, building and running an venture.
Capacity for problem dealing with: In the original phases of the venture many teething problems you can do and a business owner should be a creative problem solver to carefully turn complications into advantages. Madan Paliwal's life is filled with struggle. He fixed many problems in his business.
Good team innovator and motivator: A business owner builds up his team; he should inform them, keep them on higher level of desire and provide an environment for imagination and good work culture. Madan Paliwal began his business as a single person however now a day's 1000 employees in his companies.
Energetic: Controlling resources and operating an enterprise demands long hours of work for longer period of time and hence a business owner is a guy of high energy level. Madan Paliwal works 15-16 Hrs. daily. Corresponding to him -"A labour is also do hard work daily in his life but he makes only 100-200 Rs. per day, hence entrepreneur do work hard in right way. " ( Paliwal, 2008)
Good communication skills: To be a leader a business owner communicates effectively with all worried such as financiers, employees, customers, suppliers and all who are concerned with the new enterprise. Madan Paliwal is also good communicator.
Mental capacity: Madan Paliwal created at Nathdwara, A small town in Rajasthan (India). He started out small scale sectors (Miraj industries), now it is changed into Miraj Products Pvt. Ltd. Sharma (2009) 'An entrepreneur will be a man of higher level intelligence, creative, positive thinking and decision maker with clear aims in mind'.
Good Human relation: Tactful and warm individual relation is an essential aspect which brings success to an entrepreneur. Emotional stability and keeping himself as a model to others. Motivates the employees to put their best performance whatsoever levels in the business. Madan Paliwal also uses good human relationships.
Strategies:
Kant (2000) 'Strategies will be the way of doing the target i. e. how to execute a particular work for the accomplishment of predetermined targets'.
2. 0 - Business Strategies:
There are various strategies which are prepared available enterprise like-
2. 1. Market Strategies
Market Strategies includes the company's relationship with existing and prospective customers, its understanding of changing needs and opportunities in the market, just how it identifies and grows to its customers. Madan Paliwal began Real-estate business at Jaipur. He launched affordable homes, Villas, commercial complex etc. His marketing strategies were very good. After getting success in Jaipur he started new tasks in Ajmer, Udaipur, Bhilwara, Mumbai & other towns in India. He says that "the main strategies that are essential so you can get success in market is get the market to us, Examine management's assumptions, perceptions, predispositions about the marketplace, and determine from what extent they are simply valid. And finally assess new opportunities on the market, new products, collaboration with others etc". (paliwal, 2008)
2. 2. Business Strategies
Organization involves the set ups, systems, policies, types of procedures and activities of the business, the manner where it exercises specialist, will take decisions, communicates, coordinates and combines its activities. Madan Paliwal is good organizer. He manages more than 1000 employees in his group of companies. He says the primary strategies that are necessary for success in firm strategies are: Analyze the careers of executives, professionals, and supervisors to recognize tasks that can be delegated to lower levels and the conditions essential to make that delegation effective. Next establish clear job information for every position, and create a system whereby the obligations and authority of every position are clear to other people in the business. Furthermore determine whether we can innovate any new systems that will further improve our performance. See whether there are systems efficiently employed by others that could be used by our company. Finally Assess the effectiveness of important systems in the business (e. g. Accounting, Budgeting, Staff information, Planning etc. ) in terms of their speed, their employees requirements, quality of work, cost of businesses, and whether completely being applied. (paliwal 2008)
2. 3. Products, markets and services strategies
It means the capability of the business to provide products and services. It offers the range and quality of products and services it market segments, the technical knowledge and skill of sales and service personnel, and the amount of technology incorporated in its products and services and utilized to carry on business. Madan Paliwal launched affordable homes for middle & lower course people in every job because affordable homes advertising easily. After retailing homes & villas he launches commercial complex in task, hence commercial organic (too costly) become successful (interview with paliwal, 2010). He says that main strategies that are necessary for success in Products, markets and services strategies are: Enhance the technology in our products and services with the addition of new dimension into it and Examine every technology in our company employs. And identify ways to reduce cost. Then Match our products and services as closely as it can be with the needs of the marketplace. Next Identify and conform new and recent technology to better meet the needs of our own customers. Furthermore Expose new or increased systems internally that will improve the functioning of our own corporation. Besides this Make improvement inside our organization (structure, activities, systems, job positions, procedure, rules, legislation etc. ) that will enhance the development and procedure of your technology. Finally constantly expand and update the merchandise and services knowledge and specialized expertise of our own people.
2. 4. Funding Strategies
This component defines how the company handles monitors and utilizes capital resources for its growth. It includes the quality of systems and skills for accounting, budgeting and financial management, cash and credit management, control over purchasing and inventory, usage of capital. Madan Paliwal started out his business with only Rs. 200 capital. He follows following financial ways of take care of financial activities in his companies:
A. Determine our company is checking out and taking benefit of every conceivable source of financing to make our business grow.
B. Determine how our company can utilize financial information as a positive instrument for tracking and monitoring performance on key activities.
C. Know what can be done to improve precision and timeliness of accounting so that home elevators performance is obtainable as quickly as possible after the day, week, the month, or the job is over.
D. Know what type of signals we can develop as positive motivating tools to help professionals and employees assess their own performance.
E. Determine what are the keys areas in which the company can save money by bettering performance.
2. 5. Staff strategies
This component covers the energies, talents, skills, and attitudes of employees that may be harnessed for development. People and companies expand together. Miraj Group of companies provides maximum opportunities for his or her people to increase, find maximum opportunities because of their own progress (interview with paliwal, 2010). His Group uses the following personal strategies:
A. Recruit people with a high degree of energy, good health, highest possible degree of education and experience and write kind of personality to work effectively in our company and execute its beliefs.
B. Review wage and salary range, and ensure that the settlement for every position isn't just fair, but regarded as reasonable. Whenever necessary, educate people to understand the true value of the business's benefits program.
C. Introduce profit-sharing or collateral programs to make our people "owners" of company and develop the physical and technological skills of the people through formal training programs.
D. Develop the managerial and mental health skills of the people through formal training, regular and ongoing training, personal direction and attention.
E. Give higher personal focus on the people you use (not to their work) and encourage them to do likewise using their people.
F. Identify and reward specific efforts to enhance the functioning of our organization.
G. Maintain clear and effective two-way communication with all employees
H. Implement mental health principles such as admiration for the individual, personal growth, freedom, and tranquility to the highest level.
I. Give regular responses to individuals on the performance and what they can do to boost.
3. 0. Other strategies
Other strategies have been accompanied by Miraj Band of Companies are:
3. 1 Stability strategy
Miraj Group has a well balanced environment, limited amount of products, customers, suppliers and challengers, minimum dependence on skills and so on may follow what is called the 'Stability Strategy' such an organization is content with its existing degree of activities and desires the same to keep.
3. 2 Progress strategy
An business that wants to improve its level of performance may choose what's called the 'Progress Strategy'. The following measures followed by Miraj Group of companies:
Development of new products for the prevailing markets.
Creation of new uses for the existing products.
Development of new products for new marketplaces.
3. 3 Vertical Integration strategy
A business enterprise itself should produce the raw materials needed for production to ensure continuous supply. On the other hand, it may also decide to begin its sales outlets to provide its customers better. In any case, the strategy is recognized as the 'Vertical Integration Strategy'.
3. 4 Product Elimination Strategy
A business device could also eliminate products which may have become unpopular with the buyers and bring only losses. Such unsuccessful products also affect the image of the business. Thus, the 'Product Eradication Strategy' may be followed by a company to avoid loss of profits as well as reputation.
3. 5 Merger Strategy
It is also possible that indistinguishable business units may incorporate to rationalize production and sales and therefore derive the benefits associated with economics of large-scale operations. This is exactly what is recognized as the 'Merger Strategy'.
4. 0 Conclusion
In the 21st century the concept of entrepreneurship is essentially related to innovative endeavors. It is through to get worried with presenting something new in the surroundings of tough competition.
Entrepreneur types of people who are highly determined, self-confident, creative and innovative, sales focused personalities well in melody with developments and who can translate a eyesight into a genuine small company.
They are pushing young individual to create new business companies and providing such federal facilitates as infrastructural facilities (like drinking water, ability, Transpiration, Industrial sheds or developed plots, Communication system and duty incentives, to help in this development process.
Madan paliwal effectively adopted all above talk about strategies in his business since many years.
All these strategies are incredibly efficiently and effectively accompanied by an organization for the success of his own as well for the expansion of company As good as the business strategies; the well is the position of the business. It is impossible to become successful business owner without business strategy.
All the strategies that happen to be mention above should be accompanied by the person who would like to turn into a successful businessperson.
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